Actor, producer, film director, screenwriter and a kick-ass martial artist – Bruce Lee was a man of many talents, who also had a way with words. The sayings of Bruce Lee can be applied to many things in life… even collecting and processing payments via Direct Debit.
The San Francisco-born martial artist-come-movie star, pretty much defined what we now know as the “martial arts film” genre, and in doing so gained many fans – one of them being me.
I may have been a tad young when I first came across those legendary action-packed movies, but as I grew older I came to appreciate that Bruce Lee was more than just an iconic martial artist. He was also a profound thinker, philosopher and a great writer.
So, when I was looking for a way to explain why Direct Debit is an ideal customer retention tool, all I could think of was this famous Bruce Lee quote:
“Simplicity is the key to brilliance”.
Bruce Lee, 1940 – 1973
Why is SIMPLICITY the key?
Direct Debit is all about simplifying the payments and collections process for both businesses and their customers.
For consumers:
- Direct Debit is a simple, safe and convenient way for consumers to make regular or occasional payments from their bank accounts.
- Once the customer has been notified of the date and amount to be collected, payments are simply deducted from their account.
- The entire process makes it easier to consume products and services.
- Other than making sure sufficient funds are available in their account, consumers don’t need to do anything else after the payment instruction is signed.
For businesses:
- Direct Debit empowers you to simplify the ongoing payments process for your customers – ideal for things like buying goods, subscribing to services and making charitable donations.
- Chasing customers for card payment failures becomes a thing of the past, as Direct Debit gives you complete flexibility to collect money straight from the customer’s bank account.
- If you decide to amend the payment amount, cancelling standing orders and agreed monthly card payments can lead to customers leaving and going elsewhere. You don’t need to have any other kind of authorisation, other than notifying your customer of the change, with Direct Debit.
- Collecting payments by cheque, cash and standing order can be an administrative burden for any business. By switching to Direct Debit, you can remove these barriers through automation and ensure your business never suffers from late or missing payments again.
- By reducing your own costs of collecting payments through Direct Debit, you could pass on the savings you make back to the customer in the form of discounts – further cementing your relationship with a valued customer.
I’m happy, you’re happy – we’re all happy
Both consumers and business alike benefit from the simplicity of Direct Debit. They each benefit from being able to pay and collect through Direct Debit, but for a business, this also means longer-term benefits such as customer retention.
Consequently, businesses need to see Direct Debit not only as a payments and collections service but as a fundamental part of the customer experience – it couldn’t be more simple.
Embracing Direct Debit: What next?
As the master martial artist Bruce Lee said; Knowing is not enough, we must apply. Willing is not enough, we must do.
“Knowing is not enough, we must apply. Willing is not enough, we must do”.
Bruce Lee, 1940 – 1973
Now that you understand why Direct Debit is ideal for building customer loyalty, perhaps it time you took control of your payments and collections process and started maximising those existing customer relationships.
Find out more about Direct Debit collections from AccessPay by speaking to an advisor.